Cisco Systems is cutting 4,000 jobs. That's about five percent of the computer networking company's workforce. News of the layoffs came on the same day Cisco reported solid profits but weaker than expected sales.

Foreclosures rose 2 percent in July from the previous month but are still down 32 percent from a year ago. According to Realtytrac, homes entering the early stages of foreclosure increased in 26 states last month as lenders finally catch up with a backlog of filings.

Apple can thank billionaire investor Carl Icahn for pushing its stock above $500 for the first time since January. The stock shot up after Ichan tweeted that he holds a large position in Apple and said it's stock was undervalued.

The cost of raising a child is on the rise. New government figures put the average cost of raising a child at a little over $241,000. That's up about 3 percent from 2011 and does not include the cost of college. At the same time, wages aren't keeping up. The average annual household income is down about $4,000 since 2000.